Developer of Aman-branded towers in Miami Beach scores $35M loan

Access Industries and OKO announced plans for the project in December

Miami /
May.May 12, 2020 02:35 PM
Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)

Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)

Billionaire Len Blavatnik’s Access Industries closed on a loan for the first Aman-branded development in South Florida.

The developer, 3425 Collins LLC, secured $34.8 million in financing from Bank OZK for the site of the former Versailles Hotel in Miami Beach, property records show.

Blavatnik and fellow billionaire Vlad Doronin plan to build a two-tower hotel and branded condo project at 3425 Collins Avenue, which is part of the Faena District. Doronin’s OKO Group is partnering with Access Industries, and Doronin is also chairman and CEO of Aman, a luxury hotel group based in Singapore.

The development site is currently home to the gutted Versailles Hotel, which was built in 1940 and designed by architect Roy France. It’s been empty since 2011. Developer Alan Faena, who built the Miami Beach neighborhood with the backing of Blavatnik, canceled his plans for a condo tower on the site in 2016 after the luxury condo market slowed down. Faena is not involved in the Aman development.

The Faena District, which opened in 2015, includes more than 1 million square feet of mixed-use development.

In Miami’s Edgewater neighborhood, OKO Group is developing the Missoni Baia condo tower. In Brickell, it is building 830 Brickell, an office tower anchored by WeWork, as well as Una Residences, a 47-story, 135-unit condo tower that just broke ground.

In the U.S., Aman New York is under construction in the Crown Building, and the hotel brand also has locations in Jackson Hole, Wyoming; and in Canyon Point, Utah.


Related Articles

arrow_forward_ios
Bulgari CEO Jean-Christophe Babin and 100 21st Street, Miami (Bvlgari via Twitter, Getty, iStock)

Bulgari plans first US hotel on oceanfront Miami Beach site

Bulgari plans first US hotel on oceanfront Miami Beach site
HFZ looks to sell Shore Club South Beach hotel

HFZ looks to sell Shore Club South Beach hotel

HFZ looks to sell Shore Club South Beach hotel
Jerry Bruckheimer and his penthouse (Getty, Douglas Elliman)

Jerry Bruckheimer lists Miami Beach penthouse for $17M

Jerry Bruckheimer lists Miami Beach penthouse for $17M
James Curnin and 416 West San Marino Drive (Getty, Google Maps)

Spec home builder James Curnin buys Venetian Islands teardown

Spec home builder James Curnin buys Venetian Islands teardown
(Google Maps)

Condo sales plunge in Miami-Dade during Thanksgiving week

Condo sales plunge in Miami-Dade during Thanksgiving week
John Simonian with 6360 North Bay Road and 6342 North Bay Road (Getty, Google Maps)

Luxury watch retailer sells adjacent Miami Beach homes for $44M

Luxury watch retailer sells adjacent Miami Beach homes for $44M
Joel Meyerson and 24 Palm Avenue, Miami Beach (The Pure Source, Sotheby's)

CEO of cosmetics manufacturer buys Palm Island home for $11M

CEO of cosmetics manufacturer buys Palm Island home for $11M
Steve Witkoff and 4766 North Bay Road (Getty, Douglas Elliman)

Steve Witkoff pays $8M for waterfront North Bay Road lot

Steve Witkoff pays $8M for waterfront North Bay Road lot
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...